Sinclair (NASDAQ:SBGI) Upgraded to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Sinclair (NASDAQ:SBGI) from an underweight rating to an equal weight rating in a report published on Thursday, Marketbeat Ratings reports. Wells Fargo & Company currently has $19.00 target price on the stock, up from their prior target price of $13.00.

SBGI has been the topic of a number of other reports. Benchmark boosted their price target on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Rosenblatt Securities boosted their target price on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. Finally, StockNews.com upgraded shares of Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, September 28th.

Sinclair Price Performance

Shares of Sinclair stock opened at $15.91 on Thursday. The stock has a market capitalization of $1.06 billion, a P/E ratio of -4.82, a PEG ratio of 0.14 and a beta of 1.53. The business has a 50 day simple moving average of $15.60 and a two-hundred day simple moving average of $14.16. Sinclair has a 12 month low of $11.13 and a 12 month high of $18.20. The company has a debt-to-equity ratio of 14.93, a current ratio of 1.78 and a quick ratio of 1.78.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, beating the consensus estimate of ($0.13) by $0.40. Sinclair had a positive return on equity of 69.78% and a negative net margin of 6.14%. The firm had revenue of $829.00 million during the quarter, compared to the consensus estimate of $836.65 million. During the same period in the prior year, the company earned ($1.09) EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, analysts predict that Sinclair will post 4.57 EPS for the current fiscal year.

Sinclair Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.29%. The ex-dividend date of this dividend is Monday, December 2nd. Sinclair’s dividend payout ratio (DPR) is -30.30%.

Institutional Trading of Sinclair

A number of hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new position in Sinclair during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC grew its stake in Sinclair by 81.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,283 shares of the company’s stock valued at $35,000 after acquiring an additional 1,026 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Sinclair during the third quarter worth $39,000. EntryPoint Capital LLC boosted its stake in shares of Sinclair by 37.2% during the 1st quarter. EntryPoint Capital LLC now owns 4,001 shares of the company’s stock worth $54,000 after purchasing an additional 1,085 shares during the last quarter. Finally, Headlands Technologies LLC lifted its stake in shares of Sinclair by 1,039.0% during the 2nd quarter. Headlands Technologies LLC now owns 4,647 shares of the company’s stock worth $62,000 after purchasing an additional 4,239 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

About Sinclair

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.